Professor Alfaro has been the Warren Alpert Professor of Business Administration at Harvard Business School since 1999. She is also a Faculty Research Associate in the NBER International Finance and Macroeconomics Program and the International Trade and Investment Program. She served as Minister of National Planning and Economic Policy in Costa Rica from 2010–2012. She is co-editor of the Journal of International Economics and the World Bank Research Observer. Professor Alfaro is the author of multiple articles published in leading academic journals such as the American Economic Review, Review of Economic Studies, and Journal of Political Economy, among others. Most of her research is related to the field of international economics, in particular international capital flows, foreign direct investment, sovereign debt, trade, and emerging markets. She is a member of the Latin-American Financial Regulatory Committee (CLAAF) and the David Rockefeller Center for Latin American Studies (DRCLAS) policy committee, inter alia. She earned her Ph.D. in Economics from the University of California, Los Angeles (UCLA), a B.A. in Economics with Honors from the Universidad de Costa Rica, and a 'Licenciatura' from the Pontificia Universidad Católica de Chile, where she graduated with the highest honors.

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